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Judgment
ORDER
Ms. Pooja Agarwal, Ld. Counsel for the Applicant is present.
The present Interlocutory Application has been filed by the Applicant seeking extension of Corporate Insolvency Resolution Process Period by 90 days beyond 180 days period, which expired on 18.11.2024.
This Bench has noticed that even if this extension is granted the said period has also expired on 16.02.2025. However, it is submitted by the Counsel for the Applicant that the CoC in the meanwhile has resolved to liquidate the Corporate Debtor and they have filed another Application seeking Liquidation of the Corporate Debtor, which is yet to be numbered as the same is under the Scrutiny.
The Applicant has tendered the soft copy of the Liquidation Application and we have perused the same. In the said Liquidation Application, the Applicant has averred that the Resolution Professional received Four Expression of Interests from the Prospective Resolution Applicant till the last date but only Two were found eligible, and last date for submissions of the Resolution Plan was on 12.02.2025; till the last date, no Resolution Plan was received and as such there is no Resolution Plan to be placed before the Committee of Creditors for approval and not even the proposal has been submitted by the Suspended Board of Directors. Hence, considering this situation, the CoC in their 11th Meeting approved the Resolution for Liquidation of the Corporate Debtor, with 100% value of votes. Applicant further submits that pursuant to the Resolution passed by Committee of Creditors they have filed one Application seeking Liquidation of the Corporate Debtor.
In view of the decision taken by the Committee of Creditors, we consider it appropriate to pass the Order for Liquidation of the Corporate Debtor viz. Supreme Infrastructure Bot Pvt Ltd in the manner laid down in Chapter III of the Insolvency and Bankruptcy Code, 2016, considering the fact that there is no Resolution Plan for consideration and the Committee of Creditors does not foresee any possibility of getting Plans for the Corporate Debtor. In that view of the matter, the Interlocutory Application bearing IA No. 876 of 2025, is disposed of as partly allowed, thereby extending the period of Corporate Insolvency Resolution Process till the date of meeting of Committee of Creditors (i.e. 14.02.2025), in which it resolved to Liquidate the Corporate Debtor.
Hence ordered.
ORDER
The Corporate Debtor, Supreme Infrastructure Bot Pvt Ltd, shall be liquidated in the manner as laid down in Chapter-III of the Code.
Mr. Ram Ratan Kanoongo, having Registration No. IBBI/IPA-001/IP-P00070/2017-18/10156, is appointed as Liquidator of Supreme Infrastructure Bot Pvt Ltd.
The Liquidator for conduct of the Liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the Insolvency and Bankruptcy Board of India (Liquidation Process Regulations), 2016.
The Moratorium declared under Section 14 of the IBC 2016 shall cease to operate here from.
Liquidator shall issue public announcement stating that Corporate Applicant is in Liquidation.
The Liquidator shall endeavour to sale the Company as a going concern during the liquidation in terms of Regulation 32A of the Liquidation Process Regulations. In case he is not able to do so within a period of 90 days from this date, he shall proceed in accordance with clauses (a) to (d) of Regulation 32 of the Liquidation Process Regulations.
Subject to Section 52 of the Code no suit or other legal proceedings shall be instituted by or against the Corporate Applicant.
All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Applicant shall cease to have effect and shall be vested in the Liquidator.
The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code read with the Liquidation Process Regulations.
Personnel connected with the Corporate Applicant shall extend all assistance and cooperation to the Liquidator as will be required for managing its affairs.
This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Applicant, except when the business of the Corporate Applicant is continued during the liquidation process by the Liquidator.
The Liquidator shall submit progress reports as required under Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
The Liquidator is hereby Authorized to represent the Corporate Applicant before the Government Authorities, if need be.
Registry shall furnish a copy of this Order to the Insolvency and Bankruptcy Board of India, New Delhi; Regional Director (Western Region), Ministry of Corporate Affairs; Registrar of Companies & Official Liquidator, Maharashtra; the Registered Office of the Corporate Applicant; and the Liquidator, Mr. Ram Ratan Kanoongo, having address 1006, Raheja Centre, 10th Floor, Nariman Point, Mumbai, Maharashtra, 400 021, having Mobile No. 9821031996, having E-mail rrkanoongo@gmail.com.
Needless to say, Committee of Creditors shall ratify and clear the fees of the erstwhile Resolution Professional of the Corporate Debtor, if any, due and payable. Further, the Registry shall not number the Interlocutory Application seeking Liquidation of the Corporate Debtor filed by the Applicant.
Ordered Accordingly.